Mooresville-based Lowe's tops Street 3Q forecasts

MOORESVILLE, N.C. — Lowe's Cos. on Tuesday reported fiscal third-quarter net income of $872 million.

On a per-share basis, the Mooresville, North Carolina-based company said it had net income of $1.05.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.

The home improvement retailer posted revenue of $16.77 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $16.57 billion.

Lowe's expects full-year earnings to be $4.20 to $4.30 per share.

Lowe's shares have increased 15 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 15 percent. The stock has increased 18 percent in the last 12 months.

Associated Press